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Thursday, January 29, 2015

GM to suspend production at its Russian plant for two months, (NYSE: F)

General Motors Co will suspend production at its St. Petersburg auto assembly plant in Russia from mid-March to mid-May and is raising prices for its products because of the weak and volatile Russian rouble, a company spokesman said on Thursday. Russia's weak rouble and struggling economy were cited on Thursday by Ford Motor Co as major reasons the company lowered expectations for its European business in 2015.In addition, Volkswagen AG's labor chief said on Thursday the company lost hundreds of millions of euros in Russia because of the decline of the rouble.The St. Petersburg plant is the only one GM fully owns in Russia. It also operates operates a joint-venture plant in Russia with Avtovaz OAO.A GM spokesman in Europe confirmed a report by the Russian daily newspaper Kommersant of the plant shutdown, and said that the company has raised prices for its vehicles sold in Russia because of the devalued currency.

Ford Motor Company (Ford) is a manufacturer of automobiles. Shares of F traded higher by 2.18% or $0.315/share to $14.78. In the past year, the shares have traded as low as $13.26 and as high as $18.12. On average, 29287500 shares of F exchange hands on a given day and today's volume is recorded at 27901900.